Daily Gold Update

Source: Bloomberg

Seattle— Gold rose to the highest since March as record energy costs and slumping equities spurred demand for the metal as a haven. Silver also gained. Crude-oil futures rose to a record $146.90 a barrel on speculation Israel may attack Iran, leading to a disruption in Persian Gulf petroleum shipments. The Standard & Poor's 500 Index is headed for the sixth straight weekly loss after turning into a bear market. Gold reached a record $1,033.90 an ounce on March 17.

“You've got the fear factor now, and people are going back to gold,'' said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “The U.S. economy is falling apart, and there's no reason for equities to move higher. The Iran situation seems to be escalating. The commodity run will continue.'' Gold futures for August delivery climbed $20.10, or 2.1 percent, to $962.10 an ounce at 9:15 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, the price reached $963.60, the highest for a most-active contract since March 19. Silver futures for September delivery rose 33 cents, or 1.8 percent, to $18.65 an ounce. See full story.